A dear old colleague of mine used to share with me the advice, friends, do not let friends sell at support. Today is a day to practice that discipline. The JPY has been deceptively strong. An index I run to help me see relative strength and weakness across G10FX shows that JPY remains the strongest currency in the G10 outpacing the EUR, which just closed at the highest level to the GBP since 2009. However, traders when looking at other markets are likely scratching their heads to the JPY strength.

Stocks are off their highs, but not by much. Commodities, lifted by base metals have seen astounding gains with Iron Ore higher by 50% in 50-days since the June low. Lastly, Emerging Markets continue to attract capital via ETFs and bonds that keeps support under